IFSE Institute LLQP : Life License Qualification Program (LLQP)

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IFSE Institute LLQP Exam Syllabus Topics:

Reference: https://www.ifse.ca/courselist/life-license-qualification-program-llqp/

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IFSE Institute Life License Qualification Program (LLQP) Sample Questions:

Question #1
Chloe is a newly licensed financial security adviser. She is diligently learning about the profession and wants to do her job properly. She wonders when she is required to renew her certificate.
Which of the following answers is CORRECT?

A. Before it expires.
B. Within 45 days following its expiry date.
C. If and when her personal situation changes.
D. Within 15 days following its expiry date.

Question #2
Sergei meets with his insurance agent Nikita to purchase a $50,000 critical illness policy. Nikita explains that to apply for the policy Sergei would have to answer a series of personal questions about his finances, health, and lifestyle. Sergei is uncomfortable giving Nikita such detailed personal information. Nikita reassures Sergei by telling him that the insurer must follow stringent rules about how they can collect and handle this information. Which organization legislates privacy statutes pertaining to insurance companies?

A. Criminal Code
B. Privacy Act
C. Personal Information Protection and Electronic Documents Act (PIPEDA)
D. Human rights legislation

Question #3
Ariana is a Vancouver restauranteur who owns a $250,000 universal life (UL) insurance policy with a cash surrender value that has grown considerably over the years. Unfortunately, her restaurant has fallen on hard times and in an effort to turn the business around, she takes out a string of business loans that she personally guaranteed. To protect her life insurance from creditors, she changes the beneficiary designation from her estate, naming her husband as a revocable beneficiary. Despite her efforts, the restaurant's profits do not improve, and she is forced to close her business and file for bankruptcy. Can her creditors seize her cash surrender value?

A. No, because the creditors can only go after the restaurant's assets.
B. No, because her husband is a protected class beneficiary.
C. Yes, because she has money accumulated in her cash surrender value.
D. Yes, because she changed her beneficiary designation to hinder creditors.

Question #4
(Beth, aged 73, has a RRIF with a current market value of $380,000. The account is managed by her bank, and Beth has been disappointed with its performance so far. She is therefore thinking of transferring the RRIF to her insurance company and purchasing a registered annuity with those funds.
This would be the first time Beth is making an investment outside of the bank environment. She wonders what kind of information the insurance agent would keep on file to document the transaction.
To process the application and comply with FINTRAC requirements, which of the following records would the agent need to create and keep on file?)

A. None, as the transaction would be exempt from FINTRAC requirements.
B. 2 and 3 (A large cash transaction record and a third-party determination form)
C. 3 and 4 (A third-party determination form and a Politically Exposed Person determination form)
D. 1 and 2 (A suspicious transaction report and a large cash transaction record)

Question #5
George, aged 72, has a number of medical conditions related to smoking and diabetes. He is planning the distribution of his estate, which is valued at $1.1 million. He will invest $1 million in a segregated fund and name his two daughters as equal beneficiaries. The remainder of the estate will go to George's favourite charity. George has peace of mind knowing that even if markets are down at the time of his death, his daughters will together receive an inheritance greater than the charity.
What unique feature of segregated funds has enabled George to formulate his estate plan in this way?

A. The death benefit guarantee.
B. The investor protection offered by Assuris.
C. The ability to increase guarantees by reset.
D. Their exemption from probate fees.

Solutions: